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Leases | 12 Months Ended
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Jan. 01, 2022
Leases [Abstract] |
Leases | Leases The Company enters into operating and finance lease commitments primarily for its manufacturing and office space, vehicles, and equipment leases that expire on various dates over the next 13 years, some of which include one or more options to extend the lease for up to 5 years. In addition, the Company leases land associated with certain of its buildings in Canada and China under long-term leases expiring on various dates ranging from 2032 to 2071, one of which includes an assumed option to extend the lease for up to 10 years. The components of lease expense are as follows:
(In thousands) |  | January 1, 2022 |  | January 2, 2021 |  | December 28, 2019 |  |  |  |
Operating Lease Cost |  | $ | 5,895 |  |  | $ | 5,602 |  |  | $ | 5,534 |  |  |  |  |
Short-Term Lease Cost |  | 674 |  |  | 671 |  |  | 715 |  |  |  |  |
Finance Lease Cost: |  |  |  |  |  |  |  |  |  |
ROU asset amortization |  | 1,045 |  |  | 1,157 |  |  | 1,213 |  |  |  |  |
Interest on lease liabilities |  | 46 |  |  | 74 |  |  | 94 |  |  |  |  |
Total Finance Lease Cost |  | 1,091 |  |  | 1,231 |  |  | 1,307 |  |  |  |  |
Total Lease Costs |  | $ | 7,660 |  |  | $ | 7,504 |  |  | $ | 7,556 |  |  |  |  |
Supplemental cash flow information related to leases is as follows:
(In thousands) |  | January 1, 2022 |  | January 2, 2021 |  | December 28, 2019 |  |  |  |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 12,474 |  |  | $ | 5,782 |  |  | $ | 5,636 |  |  |  |  |
Operating cash flows from finance leases |  | $ | 46 |  |  | $ | 74 |  |  | $ | 93 |  |  |  |  |
Financing cash flows from finance leases |  | $ | 1,044 |  |  | $ | 1,139 |  |  | $ | 1,144 |  |  |  |  |
ROU Assets Obtained in Exchange for Lease Obligations (a): |  |  |  |  |  |  |  |  |  |
Operating leases |  | $ | 7,247 |  |  | $ | 2,560 |  |  | $ | 28,484 |  |  |  |  |
Finance leases |  | $ | 1,147 |  |  | $ | 622 |  |  | $ | 3,847 |  |  |  |  |
(a)Included in 2019 were additions related to the transition adjustment for the adoption of ASC 842. The post-adoption additions of operating leases were $13,167,000, of which $10,994,000 related to ROU assets obtained as part of the acquisition of SMH in 2019. The post-adoption additions of finance leases were $2,496,000, of which $528,000 related to ROU assets obtained as part of the acquisition of SMH. Supplemental balance sheet information related to leases is as follows:
(In thousands) |  | Balance Sheet Line Item |  | January 1, 2022 |  | January 2, 2021 |  |  |  |
Operating Leases: |  |  |  |  |  |  |  |  |  |
ROU assets (a) |  | Other current assets |  | $ | 2,341 |  |  | $ | — |  |  |  |  |
ROU assets |  | Other assets |  | 24,998 |  |  | 25,460 |  |  |  |  |
Total operating lease assets |  | $ | 27,339 |  |  | $ | 25,460 |  |  |  |  |
Short-term liabilities |  | Other current liabilities |  | $ | 4,596 |  |  | $ | 4,396 |  |  |  |  |
Long-term liabilities |  | Other long-term liabilities |  | 19,959 |  |  | 22,198 |  |  |  |  |
Total operating lease liabilities |  | $ | 24,555 |  |  | $ | 26,594 |  |  |  |  |
(In thousands) |  | Balance Sheet Line Item |  | January 1, 2022 |  | January 2, 2021 |  |  |  |
Finance Leases: |  |  |  |  |  |  |  |  |  |
ROU assets, at cost |  | Property, plant, and equipment, at cost |  | $ | 4,076 |  |  | $ | 3,707 |  |  |  |  |
ROU assets accumulated amortization |  | Accumulated depreciation and amortization |  | (2,489) |  |  | (2,108) |  |  |  |  |
ROU assets, net |  | Property, plant, and equipment, net |  | $ | 1,587 |  |  | $ | 1,599 |  |  |  |  |
Short-term obligations |  | Short-term obligations and current maturities of long-term obligations |  | $ | 862 |  |  | $ | 915 |  |  |  |  |
Long-term obligations |  | Long-term obligations |  | 748 |  |  | 716 |  |  |  |  |
Total finance lease liabilities |  | $ | 1,610 |  |  | $ | 1,631 |  |  |  |  |
(a) See Note 15, Subsequent Event, for further details.
|  |  |  | January 1, 2022 |  | January 2, 2021 |  |  |  |
Weighted Average Remaining Lease Term (in years): |  |  |  |  |  |  |  |
Operating leases |  | 8.7 |  | 9.4 |  |  |  |
Finance leases |  | 2.1 |  | 2.0 |  |  |  |
Weighted Average Discount Rate: |  |  |  |  |  |  |  |  |  |
Operating leases |  | 3.82 | % |  | 3.88 | % |  |  |  |
Finance leases |  | 2.55 | % |  | 3.52 | % |  |  |  |
As of January 1, 2022, future lease payments for lease liabilities are as follows:
|  | Operating |  | Finance |  |  |  |
(In thousands) |  | Leases |  | Leases |  |  |  |
2022 |  | $ | 5,379 |  |  | $ | 889 |  |  |  |  |
2023 |  | 4,316 |  |  | 561 |  |  |  |  |
2024 |  | 3,292 |  |  | 178 |  |  |  |  |
2025 |  | 2,727 |  |  | 17 |  |  |  |  |
2026 |  | 2,179 |  |  | 3 |  |  |  |  |
2027 and Thereafter |  | 11,343 |  |  | — |  |  |  |  |
Total Future Lease Payments |  | 29,236 |  |  | 1,648 |  |  |  |  |
Less: Imputed Interest |  | (4,681) |  |  | (38) |  |  |  |  |
Present Value of Lease Payments |  | $ | 24,555 |  |  | $ | 1,610 |  |  |  |  |
As of January 1, 2022, the Company had no significant operating and finance leases that had not yet commenced.
Leases | Leases The Company enters into operating and finance lease commitments primarily for its manufacturing and office space, vehicles, and equipment leases that expire on various dates over the next 13 years, some of which include one or more options to extend the lease for up to 5 years. In addition, the Company leases land associated with certain of its buildings in Canada and China under long-term leases expiring on various dates ranging from 2032 to 2071, one of which includes an assumed option to extend the lease for up to 10 years. The components of lease expense are as follows:
(In thousands) |  | January 1, 2022 |  | January 2, 2021 |  | December 28, 2019 |  |  |  |
Operating Lease Cost |  | $ | 5,895 |  |  | $ | 5,602 |  |  | $ | 5,534 |  |  |  |  |
Short-Term Lease Cost |  | 674 |  |  | 671 |  |  | 715 |  |  |  |  |
Finance Lease Cost: |  |  |  |  |  |  |  |  |  |
ROU asset amortization |  | 1,045 |  |  | 1,157 |  |  | 1,213 |  |  |  |  |
Interest on lease liabilities |  | 46 |  |  | 74 |  |  | 94 |  |  |  |  |
Total Finance Lease Cost |  | 1,091 |  |  | 1,231 |  |  | 1,307 |  |  |  |  |
Total Lease Costs |  | $ | 7,660 |  |  | $ | 7,504 |  |  | $ | 7,556 |  |  |  |  |
Supplemental cash flow information related to leases is as follows:
(In thousands) |  | January 1, 2022 |  | January 2, 2021 |  | December 28, 2019 |  |  |  |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 12,474 |  |  | $ | 5,782 |  |  | $ | 5,636 |  |  |  |  |
Operating cash flows from finance leases |  | $ | 46 |  |  | $ | 74 |  |  | $ | 93 |  |  |  |  |
Financing cash flows from finance leases |  | $ | 1,044 |  |  | $ | 1,139 |  |  | $ | 1,144 |  |  |  |  |
ROU Assets Obtained in Exchange for Lease Obligations (a): |  |  |  |  |  |  |  |  |  |
Operating leases |  | $ | 7,247 |  |  | $ | 2,560 |  |  | $ | 28,484 |  |  |  |  |
Finance leases |  | $ | 1,147 |  |  | $ | 622 |  |  | $ | 3,847 |  |  |  |  |
(a)Included in 2019 were additions related to the transition adjustment for the adoption of ASC 842. The post-adoption additions of operating leases were $13,167,000, of which $10,994,000 related to ROU assets obtained as part of the acquisition of SMH in 2019. The post-adoption additions of finance leases were $2,496,000, of which $528,000 related to ROU assets obtained as part of the acquisition of SMH. Supplemental balance sheet information related to leases is as follows:
(In thousands) |  | Balance Sheet Line Item |  | January 1, 2022 |  | January 2, 2021 |  |  |  |
Operating Leases: |  |  |  |  |  |  |  |  |  |
ROU assets (a) |  | Other current assets |  | $ | 2,341 |  |  | $ | — |  |  |  |  |
ROU assets |  | Other assets |  | 24,998 |  |  | 25,460 |  |  |  |  |
Total operating lease assets |  | $ | 27,339 |  |  | $ | 25,460 |  |  |  |  |
Short-term liabilities |  | Other current liabilities |  | $ | 4,596 |  |  | $ | 4,396 |  |  |  |  |
Long-term liabilities |  | Other long-term liabilities |  | 19,959 |  |  | 22,198 |  |  |  |  |
Total operating lease liabilities |  | $ | 24,555 |  |  | $ | 26,594 |  |  |  |  |
(In thousands) |  | Balance Sheet Line Item |  | January 1, 2022 |  | January 2, 2021 |  |  |  |
Finance Leases: |  |  |  |  |  |  |  |  |  |
ROU assets, at cost |  | Property, plant, and equipment, at cost |  | $ | 4,076 |  |  | $ | 3,707 |  |  |  |  |
ROU assets accumulated amortization |  | Accumulated depreciation and amortization |  | (2,489) |  |  | (2,108) |  |  |  |  |
ROU assets, net |  | Property, plant, and equipment, net |  | $ | 1,587 |  |  | $ | 1,599 |  |  |  |  |
Short-term obligations |  | Short-term obligations and current maturities of long-term obligations |  | $ | 862 |  |  | $ | 915 |  |  |  |  |
Long-term obligations |  | Long-term obligations |  | 748 |  |  | 716 |  |  |  |  |
Total finance lease liabilities |  | $ | 1,610 |  |  | $ | 1,631 |  |  |  |  |
(a) See Note 15, Subsequent Event, for further details.
|  |  |  | January 1, 2022 |  | January 2, 2021 |  |  |  |
Weighted Average Remaining Lease Term (in years): |  |  |  |  |  |  |  |
Operating leases |  | 8.7 |  | 9.4 |  |  |  |
Finance leases |  | 2.1 |  | 2.0 |  |  |  |
Weighted Average Discount Rate: |  |  |  |  |  |  |  |  |  |
Operating leases |  | 3.82 | % |  | 3.88 | % |  |  |  |
Finance leases |  | 2.55 | % |  | 3.52 | % |  |  |  |
As of January 1, 2022, future lease payments for lease liabilities are as follows:
|  | Operating |  | Finance |  |  |  |
(In thousands) |  | Leases |  | Leases |  |  |  |
2022 |  | $ | 5,379 |  |  | $ | 889 |  |  |  |  |
2023 |  | 4,316 |  |  | 561 |  |  |  |  |
2024 |  | 3,292 |  |  | 178 |  |  |  |  |
2025 |  | 2,727 |  |  | 17 |  |  |  |  |
2026 |  | 2,179 |  |  | 3 |  |  |  |  |
2027 and Thereafter |  | 11,343 |  |  | — |  |  |  |  |
Total Future Lease Payments |  | 29,236 |  |  | 1,648 |  |  |  |  |
Less: Imputed Interest |  | (4,681) |  |  | (38) |  |  |  |  |
Present Value of Lease Payments |  | $ | 24,555 |  |  | $ | 1,610 |  |  |  |  |
As of January 1, 2022, the Company had no significant operating and finance leases that had not yet commenced.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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